Mon, 23 Oct 2023 | ADMINISTRATION
A Grade II-listed hotel in Wales is set to be put up for sale after falling into administration. Miskin Manor Hotel is a four-star hotel on the outskirts of Cardiff that has established itself as a popular wedding venue but fell into administration as a result of significant cashflow pressures.
Gareth Harris and Diana Frangou of RSM UK Restructuring Advisory LLP were appointed as joint administrators to RCA Hotels, which trades as Miskin Manor Hotel, on October 19 and will now the trade the venue while seeking a sale of the business as a going concern.
While the administrators are aiming for the hotel to be “fully operational” by the close of business on October 23, a number of events set be hosted at the venue in the short term (including weddings) have been cancelled as a result of “operational difficulties”.
The hotel, which has been operated by the current owners since 1996, is set in 22 acres of grounds and manicured gardens in the Welsh countryside. It features 42 individually designed bedrooms, an events space, health club and fine-dining restaurant.
Diana Frangou, RSM UK restructuring partner and joint administrator, commented: "Due to cashflow pressures, the directors took the hard decision to place the company into administration.”
"Regretfully, and since taking on the administration, certain operational difficulties at the hotel have resulted in an unavoidable cancellation of some key events at the venue in the very short term. We are extremely sorry for the distress this has caused for all involved.”
The new lease for the hotel was brought to market earlier this year, with a £700,000 guide price and annual rent of £300,000.
Diana Frangou added: “The joint administrators' immediate strategy is to stabilise the operating position to enable the hotel to trade, whilst it is marketed for sale as a going concern. We are aware of interest already in the hotel from potential buyers."
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